Borrower requested a $56,000 loan, pledging a cash flowing single family rental property in Lakeland, Florida as collateral. The property is being purchased for $79,900 and is tenant occupied renting at $500/month until February 2022. Once the current tenant’s lease expires, the borrower plans to complete a $35,000 remodel and re-rent at a higher rate. Exit strategy is for either a refinance or sale of the property, yet to be determined.
Collateral:
Type: New Construction
Description:
The borrower requested a new construction loan for a waterfront luxury single-family residence in Tampa, FL. The residence will feature 6 bedrooms, 7 bathrooms, 3 powder rooms, a 4-car garage, and 10,882 heated square feet. The planned amenities include a home theater, a golf simulator, a speakeasy bar with hidden doors, an elevator, a full gym with a recovery room and sauna, and a dedicated entertainment room for children. The exterior will feature a full outdoor kitchen, pool and spa, a covered cabana with an entertainment area, and a comprehensive dock with multiple boat slips, lifts, and a jet ski dock. Borrower’s primary exit strategy is to sell a property.
- Loan Amount: $6,850,000
- Date: November 2025
